Seaborne to Buy Two Capesize Vessels

19 August 2009 (Last Updated August 19th, 2009 18:30)

Seaborne shipping and logistics firm Navios Maritime Holdings has announced plans to buy two Capesize vessels being built at the same shipyard in South Korea. Both Capesize vessels have an 180,000dwt and a charter-out rate per day (net) of $29,356. The combined nominal acquisi

Seaborne shipping and logistics firm Navios Maritime Holdings has announced plans to buy two Capesize vessels being built at the same shipyard in South Korea.

Both Capesize vessels have an 180,000dwt and a charter-out rate per day (net) of $29,356.

The combined nominal acquisition price for both the ships will almost total $141.5m with a combination of convertible stock and cash.

The effective acquisition price will be $57.8m per vessel or $115.6 million for both the vessels, based on a $10.00 conversion cost of the preferred stock.

The ships will be used under the current long-term charter-out agreements with a ten-year average length.

The first (NB5) vessel is scheduled for delivery in October 2010, while the second (NB6) vessel is slated for delivery in December 2010.